Severn Bancorp Reports Fourth Quarter Net Income of $1.067M

Posted January 23, 2012

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ANNAPOLIS, Md., -- Severn Bancorp, Inc., (Nasdaq: SVBI) parent company of Severn Savings Bank, FSB, today announced net income of $1,067,000 or $.06 per share for the fourth quarter, an increase of $460,000, or 76% compared to net income of $607,000, or $.02 per share for the fourth quarter of 2010. Net income was $1,219,000, or $(.05) per share for the year endedDecember 31, 2011, compared to net income of $1,157,000, or $(.06) per share for the year endedDecember 31, 2010. Earnings per share is calculated using net income available for common shareholders, which is net income less preferred stock dividends.

"We are pleased to report both a quarterly and annual increase in earnings, and are pleased with the success we are experiencing in building our community mortgage and commercial lending departments to accommodate customers who are seeking a bank that offers the breadth of products and services needed in today's economy. We see tremendous opportunity ahead of us by providing top notch personal service to the residents and businesses of Anne Arundel County," said Alan J. Hyatt, president and chief executive officer. Mr. Hyatt continued, "We continue to share our message of our commitment to the community and to our many customers who place value in a banking relationship with an organization they can trust. Severn is pleased to provide full service banking right here in their backyard."

About Severn Savings Bank:
Founded in 1946, Severn is a full-service community bank offering a wide array of personal and commercial banking products as well as residential and commercial mortgage lending. It has assets of approximately $900 million and four branches located in Annapolis, Edgewater and Glen Burnie, Maryland. The bank specializes in exceptional customer service and holds itself and its employees to a high standard of community contribution. Severn is on the Web at www.severnbank.com.

Severn Bancorp Inc

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